Our favorite holding period is forever.

I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.

The gross profits in many workouts appear quite small. It's a little like looking for parking meters with some time left on them. However, the predictability coupled with a short holding period produces quite decent average annual rates of return after allowance for the occasional substantial loss.

Time is the friend of the wonderful company, the enemy of the mediocre.

The greater the potential for reward in the value portfolio, the less risk there is.

There seems to be some perverse human characteristic that likes to make easy things difficult.